State Act
7
Section 7. Commencement of chit business
THE UTTAR PRADESH CHIT FUND ACT, 1975
Act no. 53 of 19751975RepealedUttarakhand (State Act)
This Act was repealed on a date we do not have by the Chit Funds Act, 1982 (Central Act 40 of 1982), s.90(1); it may still apply to matters that began before then.
7. (1) No person shall commence any auction or drawing of any chit unless he has obtained a certificate of commencement from the Registrar. (2) The Registrar shall, on being satisfied that the bye-laws of the chit have been duly registered and that the chit agreement including alteration in or addition to it, if any, has been filed and the security required under section 14 has been, furnished by the foreman grant a certificate of commencement.